Measuring CEX-DEX Extracted Value and Searcher Profitability How much DEX LPs lose money in arbitrage, and why is this happening and who is doing this? A 2025 paper from @Cornell "We analyzed the profitability of searchers. Figure 8a shows that neutral searchers generally achieve higher profitability than most exclusive searchers, with median profit margins of 30%–70% compared to 20%–40% for exclusive searchers. Neutral searchers’ median PnL per trade often exceeds $10, while that of most exclusive searchers rarely surpasses $5. Figure 8b confirms this trend: 80% of trades by exclusive and integrated searchers yield less than $10, whereas nearly half of neutral searchers’ trades exceed this threshold." "Despite the overall increase in CEX-DEX arbitrage activity, the diversity of successful searchers has decreased over time. Before October 2024, 23 labeled searchers accounted for nearly 99% of the total CEX-DEX arbitrage volume on-chain. After October 2024, only 14 labeled searchers remained active and successful, further declining to 11 by Q1 2025, with three leading searchers capturing 90% of the total volume (see Appendix D, Figure 14). Wintermute and SCP have consistently held dominant positions throughout this period. Notably, Kayle, initially a minor searcher, began gaining significant influence around June 2024 and emerged as a leading searcher."

@vaultsfyi @Re7Labs There's currently a data error on Re7 Labs USDT Euler vault on BNB Smart Chain, showing a peak of trillions of dollars in USDT TVL. Jerome Powell hasn't been fired yet, so this cannot be right.

The GMX hacker claims to be returning the funds. Partial money has already been received.

The best yield on @avax based on one-month returns. @avantprotocol and @eulerfinance vaults leading. 👇 Read the full report below.

USDf is depegging , and it is yet unclear why, but the quality of collateral is suspected. It has been a long time since we saw a proper stablecoin blow up.

$50M Aptos about to be released to the wild

The best-performing vaults on @gnosischain in June 2025. If you want EUR yield (up 15% against USD) Gnosis Chain is the place.

On why market cap metric is broken in crypto

I’ll be giving a workshop talk at EthCC today about how to create a @lagoon_finance vault. Come and say hi !

🇫🇷 Cannes DeFi Founders — you’re invited! Join us for a highly curated networking event (with AC) by founders, for founders. 📅 July 1 | 12:00–16:00 📍 Central Cannes (details on RSVP) Shout out to our sponsors @1deltaDAO, @TradingProtocol, @hemi_xyz & @PrimeFiXYZ Spots are limited →